NewsletterBitcoin, Ethereum Price Prediction- Bearish Pattern Triggered Hints Prolong Selling In Crypto Market
Bitcoin, Ethereum price prediction: the BTC and ETH prices on red maintain a strong selling pressure intact in the majority of altcoins. Moreover, the global crypto market drooped to $823.45 Billion at 10:47 am EST Sunday, displaying a loss of 1.05% in the last 24 hours.
However, the total crypto market volume grew 20.28% since yesterday to reach $42.17 Billion. Currently, the total volume in DeFi stands at $3.55B, which makes up 8.41% of the total crypto market 24-hour volume.
Top Gainers and Losers
Source- Coin360
Among the top 100 cryptocurrencies, GMX at $44.08 records the highest gain of 7.72% in the last 24 hours, followed by Solana (SOL) at $13, displaying a 2.42% increase. Conversely, the top losers include Trust Wallet Token at $1.98 and Chiliz (CHZ) at $0.2275, which dropped 10.55% and 7.48%, respectively.
Bitcoin Price
Source- Coinmarketcap
Sloppy price action in Bitcoin for nearly two weeks revealed the formation of an inverted pennant pattern in the 4-hour time frame chart. Thus, a bearish continuation pattern signals the replenished selling momentum once the price breaks the support trendline.
Today, the Bitcoin price dropped 1% and gave a high volume breakdown from the pattern support trendline. If the coin sustains the ongoing retest to the breached support, the sellers may plunge the prices 4.4% down to revisit the $15850 mark.
Source- Tradingview
On a contrary note, if the buyers push the Bitcoin price above the overhead trendline, the bearish thesis will get invalidated.
Ethereum price
Source- Coinmarketcap
The Ethereum 4-hour time frame chart displays a textbook example of descending triangle pattern. This bearish also assist sellers in prolonging the prevailing downtrend upon the breakdown of its neckline support.
Today, the Eth price is down 3.5% and offers a high momentum breakdown from the $1192 neckline support. If the selling pressure does not subside, the altcoin will drop 7.5% to hit $1080.
Source-Tradingview
Moreover, the Ethereum coin price will remain under bearish threat until the price remains below the downsloping trendline.
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